Investment Shastra
Weekly Result Updates-12-05-2023

Q4FY23 Result Updates – 12 May 2023

Dear Readers,

Welcome to our weekly company result update note. We understand the importance of staying up-to-date with the latest financial developments of the companies you have invested in. That’s why we are committed to providing you with short and insightful information about the earnings and performance of the companies in our coverage.

In addition to the weekly company result update, after the end of the earnings season, we will also be sending you a quarterly sector result review. This will give you a broader understanding of how these sectors are performing and help you make informed decisions about your investments.

Equitas Small Finance Bank Ltd

Advances grew by 35% YoY 27,861 Cr in Q4FY23. NII grew 28% YoY and 9% QoQ, Other income grew 66% YoY and 38% QoQ, NIM’s stable at 9.10%. Deposits grew 34% YoY 25,381 Cr, CASA ratio at 42.28%

GNPA & NNPA at 2.60% & 1.14% in Q4FY23 as compared to 4.06% & 2.37% in Q4FY22. PAT grew 59% YoY to 190 Cr in 4QFY23; For FY23 PAT grew 104% YoY to 574 Cr.

Good results driven by advances growth and decline in NPA.

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Godrej Consumer limited

Consol. sales growth stood at 10% YoY 3,200 Cr. India’s business was up 12% YoY led by 11% volume growth. Revenue from branded business grew 16% YoY (14% YoY home care to 826Cr and 17% YoY personal care to 872Cr) driven by 13% YoY volume growth. In-home care: household insecticide revenue grew 13-14% YoY, while air freshener portfolio continued to gain market share. In personal care: Magic hand wash recorded >10% volume-led revenue growth, while hair color continues to consistently drive double-digit revenue growth.

Consol. gross margins expanded 342bps YoY to 52.9%. Overall EBITDA grew 37% YoY to Rs640 led by operating leverage. India’s EBITDA margins expanded 279bps YoY to 26.4%. Ad-spends in India grew 41% YoY. Employee costs was up 36% YoY. Consol. net profit grew 24% YoY to Rs452Cr.

Good result on account of volume-led revenue growth and Operating profit expansion.

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Computer Age Management Services

Revenue grew 2.5% YoY to 249 Cr. Mutual fund AUM serviced grew by 5.3% to 28 lakh Cr, with equity component at 46.4% in Q4FY23 as compared to 41.2% in Q4FY22. Non-MF segment – CAMSPay grew by 25% QoQ and insurance repository business grew by 14% QoQ, & Alternative Services vertical grew by 21% YoY. EBITDA margins declined to 43.8% n 4QFY23 v/s 46.1% in 4QFY22. PAT declined by 0.6% to 285 Cr.

Stable results with a slowdown in the MF industry offset by other segments of the business.

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KFin Technologies Ltd

Revenue grew by 12.6% YoY to 720 Cr; Mutual Fund AAUM growth at 7.0% YoY at 12.8 Lakh Cr, market share at 31.6%. Equity component in Mutual fund AUM at 54.7% in Q4FY23 as compared to 53.9% in Q4FY22. Issuer Solutions segment revenue grew by 31.9% to 98 Cr, corporate clients list grew by 12% YoY to 5,363. EBITDA at 298 Cr, EBITDA margins declined to 41.4% from 45% in FY22. PAT grew by 31.8% to 195 Cr.

Good Results, driven by equity AUM mix, and issuer solution segment.

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Dr Reddy

Revenues grew 15.3% YoY to 6315 Cr, mainly driven by growth in the US and India markets followed by improvement on the Europe front. The reported gross margin was 69.9% and the EBITDA margin was ~25.1%. However, excluding gRevlimid and Eris brand sales, the company’s gross margins stood at 65% and EBITDA margin at 20%. Adjusted  PAT increased 192.6% YoY to  952.5 Cr. Despite the reported quarter being backed by a strong margin US portfolio and favourable forex movement.

Week result on account of missed margin expectation.

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Federal Bank

Net advances grew by 20% YoY to 1.77 Lakh Cr. Total Deposits grew by 17% YoY to 2.13 lakh Cr. CASA ratio at 32.6% vs. 36.9% in Q4FY22. Net interest income (NII) grew by 25% YoY to 1,904 Cr, Net interest Margins saw a decline by 18 bps QoQ to 3.31%. GNPA at 2.36% & NNPA at 0.69% in Q4FY23.Other Income grew by 58% YoY to 734 Cr and Net Profit at 903Cr, up 67% YoY.

Results were good on account of lower provisions and high other income.

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Marico registered a good performance in Q4FY2023 with volume-led revenue growth of 3%to Rs.2,240 Cr, OPM expansion by 153 bps YoY to 17.5%, and PAT growth at 10% YoY to Rs. 283 Cr. Parachute Coconut Oil posted 9% YoY volume growth, Value Added Hair Oils (VAHO) delivered 13% YoY value growth, while the Saffola franchisee declined by 9% (value terms) YoY. Foods continued to scale up well and reported 18% YoY value growth, while Premium Personal Care grew by 20%+ and the Digital First portfolio maintained its healthy run rate. The international business delivered 16% CC YoY growth with expansion in margins. The management has maintained its aspiration to deliver a 13-15% revenue growth aided by 8-10% volume growth in the domestic business and double-digit CC growth in the international business in the medium term.

Good result on account of volume-led revenue growth and Operating profit expansion.

Check, 10-Year X-ray Now!  

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